The price for Brent crude oil, the global benchmark, was up 0.15 percent as of 9:22 a.m. EDT to $72.39 per barrel. Lee said the actual imposition of additional tariffs by the USA on Chinese products could be delayed and concerns about higher consumer prices in the US may discourage President Donald Trump's administration from imposing further tariffs. The sanctions, which would come into force from November 4, are likely to block current payment routes used to pay for Iranian imports. Indian Oil is still awaiting direction from its government on Iranian crude imports, Sharma said.
Indian PSUs, which last fiscal cut oil imports from Iran by a quarter, bought 5.67 million tonnes of crude oil from the Persian Gulf nation during April-June. USA refineries produced about 9.9 million barrels of gasoline a day last week, down by about 600,000 barrels compared to the prior week.
Oil prices slumped Wednesday after Beijing announced it would retaliate against the Trump administration with a 25% tariff on another $16 billion worth of USA products, including crude exports to China.
"We envisage that Iran views its threat to close the Strait of Hormuz, per se, as in fact more advantageous than its actual execution as closing the Strait has a regressive impact on Iran's interests as more than 80 per cent of Iran's oil exports pass through these narrow waters, and thus Iran will be cutting off its own economic lifeline", said Khoman.
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Officers had gone to the salon to arrest a second employee, but that worker was not there at the time. The salon employees began to assault the three black women with broomstick, dustpans and their hands.
U.S. crude oil supplies dropped by around 1.35 mbpd last week.
Muscat: The monthly report issued by the Ministry of Oil and Gas (MOG) indicated that the Sultanate's production of crude oil and condensate throughout July 2018 amounted to 30.24 million barrels, with a daily average of 975,500 barrels.
Currently, the company, as well as other state-owned oil firms, buy crude oil from the U.S. on a spot or current tender basis which comprises one shipload of oil. An earlier report from industry group the American Petroleum Institute had suggested inventories fell by 6 million barrels.
Though China could indeed see oil demand growth slow in coming months, in part due to the ongoing trade row with the USA, in the mid to long term China's oil consumption thus its reliance on foreign oil will continue to grow.
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Of the wounded who gave their age, the oldest was 62 and the youngest 11, according to police records. At the end of July, the city had recorded more than 300 murders-more than any other US city.
Unipec said that it expects to trade up to 300,000 barrels per day (bpd) of U.S. crude oil by the end of the year, about triple its trading volume of United States oil last year.
An unexpected 200,000 barrel per day (bpd) drop in oil output in July for Saudi Arabia caused crude futures to rise on Monday - and was accompanied by a wave of renewed fears that prices will spiral upward due to geopolitical tensions.
Iranian oil exports fell to their lowest in four months in July, S&P Global Platts estimates, as key buyers have started to curtail their purchases as the first set of U.S. sanctions on Iran kick in.
"Past instances of El Nino have resulted in sharp drops in USA residential and commercial heating oil demand and prices", it said.
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Chelsea have slammed the shut the possibility of their superstar Eden Hazard leaving the club for Real Madrid this summer. Willian has insisted that he is happy to stay and fight for his place in the Chelsea FC first team under Maurizio Sarri .
Analysts in a Reuters poll had expected stocks to drop by 3.3 million barrels.